Supplemental Insurance Plans
Every business owner wants to attract and retain talented employees. Offering supplemental insurance plans in addition to your traditional group health plan can help.
Types Of Supplemental Insurance
Supplemental health insurance helps employees find health coverage that meets their specific needs, which is why GMS offers a variety of health coverage options. When you partner with us, you give your employees the option to choose supplemental health insurance for:
Life
Dental
Vision
Accident and Critical Illness
Long-Term and Short-Term Disability
Pet
Pre-Paid Legal
Home and Auto
Teladoc
Do I Need To Provide Supplemental Insurance?
Employers are increasingly offering supplemental insurance plans as part of their competitive benefits package in a tightening labor market. Supplemental insurance plans, also referred to as voluntary benefits plans, aren’t required by law but do provide valuable benefits that can be used to complement your group insurance health plan.
Benefits For Both Employers & Employees
By offering supplemental health insurance, your employees will benefit from:
- Cheaper supplemental insurance coverage than purchasing an individual policy
- More health care options allow for greater customization and personalization
- Greater confidence and security in their health and financial future
Supplemental health insurance plans for small businesses can be offered to employees at little-to-no direct cost to employers. As a result of the benefits that supplemental insurance can provide to your employees, small business owners can experience the following:
- Increased job satisfaction among employees
- Improved talent acquisition
- Decreased employee turnover
- Reduced costs in time and money
- Reduced workers’ compensation claims
Supplemental Insurance Benefits
Supplemental health insurance plans provide your employees peace of mind because it covers expenses that traditional group health plans do not. Depending on the policy, supplemental insurance may provide a cash benefit paid out over a period of time or given in one lump sum that can be used to cover the cost of:
- Deductibles
- Copayments
- Coinsurance
- Lost wages (due to injury or illness)
- Transportation (related to your health condition)
- Medication costs
- Out-of-network fees